USEP vs. BNO
USEP (Innovator U.S. Equity Ultra Buffer ETF - September) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - USEP is a Defined Outcome fund tracking the S&P 500 Index, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 5 years, USEP returned 8.16%/yr vs 20.89%/yr for BNO. Their 0.12 correlation means their historical movements had little consistent relationship. USEP charges 0.79%/yr vs 1.00%/yr for BNO.
Performance
USEP vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, USEP achieves a 6.07% return, which is significantly lower than BNO's 77.90% return.
USEP
- 1D
- 0.26%
- 1M
- 0.88%
- 6M
- 5.46%
- YTD
- 6.07%
- 1Y
- 12.28%
- 3Y*
- 11.86%
- 5Y*
- 8.16%
- 10Y*
- —
- ALL TIME*
- 8.05%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $489.58K | $385.07K | $322.37K |
USEP vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
USEP Innovator U.S. Equity Ultra Buffer ETF - September | 6.07% | 11.75% | 12.39% | 18.62% | -7.98% | 5.73% | 7.13% | 3.68% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 18.33% |
Correlation
The correlation between USEP and BNO is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.26 |
Correlation (3Y) Balances recent behavior with more history. | -0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2019 | 0.12 |
The correlation between USEP and BNO shifts across timeframes, from -0.26 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
USEP vs. BNO — Risk / Return Rank
USEP
BNO
USEP vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and United States Brent Oil Fund LP (BNO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| USEP | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.24 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 1.70 | +1.13 |
| Martin ratioReturn relative to average drawdown | 14.55 | 5.15 | +9.40 |
Loading charts...
Drawdowns
USEP vs. BNO - Drawdown Comparison
The maximum USEP drawdown since its inception was -13.37%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for USEP and BNO.
Loading charts...
Drawdown Indicators
| USEP | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.37% | -87.06% | +73.69% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -34.46% | +30.43% |
Max Drawdown (3Y)Largest decline over 3 years | -9.72% | -34.46% | +24.74% |
Max Drawdown (5Y)Largest decline over 5 years | -11.84% | -34.46% | +22.62% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | 0.00% | -16.21% | +16.21% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -39.99% | +38.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 11.86% | -11.08% |
Volatility
USEP vs. BNO - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) is 1.01%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that USEP experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| USEP | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 17.47% | -16.46% |
Volatility (6M)Calculated over the trailing 6-month period | 4.06% | 40.96% | -36.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.29% | 44.54% | -39.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.45% | 36.41% | -28.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.99% | 36.98% | -28.99% |
USEP vs. BNO - Expense Ratio Comparison
USEP has a 0.79% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
USEP vs. BNO - Dividend Comparison
Neither USEP nor BNO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USEP Innovator U.S. Equity Ultra Buffer ETF - September | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.64% |
Frequently Asked Questions
USEP and BNO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to USEP (1.01%). In terms of maximum drawdown, USEP dropped -13.37% vs BNO's -87.06%.
On 5-year performance, BNO leads with 20.89% vs 8.16% for USEP. On fees, USEP is cheaper at 0.79% per year. On volatility, USEP has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BNO has performed better with a 20.89% return vs 8.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USEP is cheaper with a 0.79% expense ratio, compared with 1.00% for BNO.
USEP and BNO have nearly identical dividend yields, around 0.00%.
USEP is categorized as Defined Outcome, while BNO is Oil & Gas. USEP tracks S&P 500 Index, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Innovator and USCF. Their fees differ too: 0.79% for USEP and 1.00% for BNO.
USEP currently has the higher Sharpe Ratio (2.16 vs 1.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for USEP and BNO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer